Mr. Hugues Jacquemin reports

NORTHERN GRAPHITE REACHES AGREEMENT TO RESTRUCTURE FINANCING WITH SPROTT STREAMING

Northern Graphite Corp. has entered into a binding agreement to restructure its secured debt, stream and royalty financing arrangements with funds managed by Sprott Resource Streaming and Royalty Corp., which will significantly strengthen the company's financial position.

Pursuant to the terms of the debt agreement, all of the senior secured debt held by Sprott Streaming in the principal amount of approximately $16.0-million (U.S.), which matured on April 29, 2026, together with all accrued interest thereon, which currently amounts to approximately $6-million (U.S.), will be satisfied through Northern issuing 12.5 million common shares to Sprott Streaming and an amendment to the streaming agreement in respect of the company's Okanjande project to remove the current 350,000 tonnes of graphite concentrate cap on production and option to then convert the stream to a 1.0-per-cent royalty, such that the streaming agreement will cover all future production from the Okanjande project. In addition, the company will provide Sprott Streaming with priority payment from a portion of proceeds received from any equity financings or its intellectual property licensing agreements until such time as it has paid in full for all accrued and unpaid amounts owing on the Sprott Streaming royalty in respect of the company's Lac des Iles mine as of April 29, 2026, in the approximate amount of $4.4-million (U.S.). The share issuance will result in Sprott Streaming increasing its interest in the company to 9.9 per cent of its basic shares outstanding and becoming the company's largest shareholder.

"By extinguishing our senior secured debt plus accrued interest, we have strengthened our balance sheet, removed a near-term overhang, and positioned the company to move forward with greater clarity and momentum," said Northern chief executive officer Hugues Jacquemin. "Working together with Sprott Streaming, this arrangement enables us to now focus on the next phase of our strategy, including the restart of the Lac des Iles mine and our Okanjande mine in Namibia to prepare it to supply our planned battery anode material facility in Yanbu. This outcome aligns both parties around long-term value creation."

"This agreement reflects our confidence in Northern's strategy and its path toward becoming a fully integrated, mine-to-battery producer, and aligns payments with future production," said Michael Harrison, managing partner of Sprott Streaming. "The restructuring of these secured debt, stream and royalty financing arrangements better positions the company to execute on the restart of its Okanjande mine in Namibia and enable it to supply Northern's proposed battery anode material facility in Saudi Arabia."

The transaction under the debt agreement will result in the complete settlement of Sprott Streaming's senior secured debt and the elimination of the near-term repayment requirement at maturity, materially reducing the company's near-term financial obligations and better position it to finance its operations and development activities. The company also expects the transaction to significantly enhance its ability to access capital markets and pursue financing initiatives required to meet financing needs over the next phase of growth.

In reaching this agreement, Northern will be better able to advance discussions with strategic financial, corporate and government-backed partners to support the continued development of its asset portfolio, including the restart of its Lac des Iles mine in Quebec and re-establishing production at Okanjande to supply graphite feedstock to the company's planned battery anode material facility in Yanbu, Kingdom of Saudi Arabia.

Completion of the transaction under the debt agreement is subject to certain closing conditions, including the execution of definitive agreements and receipt of all required regulatory and other approvals, including the approval of the TSX Venture Exchange.

About Northern Graphite Corp.

Northern is a Canadian, TSX Venture Exchange-listed company that is the only flake graphite producing company in North America. Northern is focused on becoming a world leader in producing natural graphite and upgrading it into high-value products critical to the green economy, including anode material for lithium-ion batteries/electric vehicles, fuel cells and graphene, as well as advanced industrial technologies. The company's mine-to-battery strategy is spearheaded by its Battery Materials Group, which has a fully equipped, state-of-the-art laboratory in Frankfurt and is focused on advancing plans to develop battery anode material plants in Saudi Arabia, Quebec and France.

Northern's graphite assets include the producing Lac des Iles mine in Quebec, where the company is boosting output to meet growing demand from industrial customers and coming demand from North American battery makers. The company also owns the large-scale, advanced-stage Bissett Creek graphite project in Ontario and the fully permitted Okanjande graphite mine in Namibia, which is currently on care and maintenance, and represents an opportunity to substantially increase graphite production at a lower cost and with a shorter time to market than most competing projects. All projects have battery quality graphite and are located close to infrastructure in politically stable jurisdictions.

Qualified person

Gregory Bowes, BSc, MBA, PGeo, the chairman of Northern, is a qualified person as defined under National Instrument 43-101, and has reviewed and approved the content of this news release.

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